Teresa Giudice Buying New Home In Cash? ‘Credit Is In The Toilet’

Is Teresa Giudice going to buy her new home in cash? She may not have any other choice.

According to Radar Online, The Real Housewives Of New Jersey star is having a difficult time finding a home, let alone paying for one. Although she did check out a $1.4 million house on a recent episode of RHONJ, sources say that getting financed is a big problem for Tre and her husband, Joe.

“Teresa will be lucky to afford a condominium with three bedrooms. There is no way Teresa and Joe could afford a house close to $400,000. She and Joe have almost no equity in either of their houses because they refinanced so many times.”

As you probably know, Teresa Giudice filed Chapter 13 bankruptcy a short time ago and that is prohibiting her and her husband from getting a loan. Basically, Teresa needs to show that she can afford a home on her own, because there is a good chance that Joe is going to jail. However, she is going to need a huge chunk of money to put down on a new home — and that’s an understatement — because there isn’t a bank in the country that wants to take her on after she was charged with mortgage fraud. That, and the fact that her credit is “in the toilet,” might really put a monkey wrench in the family’s plans to “down-size.”

“Their credit is in the toilet because of the chapter 13 bankruptcy. No bank would loan any money to them! Heck, they would even have trouble getting an apartment in Newark because of their credit history. The fact is they have almost no income coming in, and Joe is about to go to prison for up to four years.”

Teresa has been under a lot of pressure lately, with her court date now just nine days away. According to The Inquisitr, Teresa released a statement about what she is going through. She called her hearing the “biggest day of [her] life,” and she said that she is staying focused on Oct. 2.

“I’m getting ready for the biggest day of our lives. I will be sharing when I can. But now is the time when I need to focus on the next ten days and not comment on the episodes. I love the show. I love my fans. I will be telling you all along with my Bravo family very soon.”

Teresa Giudice and her husband, Joe, have listed three properties for sale so far, according to NJ.com. Their mansion in Montvale has been listed for $3.99M, their beach home for $315,000, and a third home which Teresa purchased in 2005 has been listed for $179,000. It is believed that the couple will get at least some money from one of the sales to be able to buy a new home with — but they also will need up to a million — or more — to pay their attorney fees, court fees, and restitution.

[Photo courtesy of Charles Sykes/Bravo]